Earlier this month, we issued a Public Markets Bulletin to advise clients about the publication of a revised draft (the "Revised Draft Instrument") of National Instrument 31-103 (the "Instrument") and to provide some insight into the changes that have been made since the original draft of the Instrument was published on February 20, 2007.

We have prepared a second bulletin intended to provide portfolio managers and investment fund managers with additional information and analysis of the content of the Revised Draft Instrument. Links to both bulletins are attached.